The Government demands people to file income tax returns (ITRs) to get information about their income and to check if tax on the income earned has been correctly paid. Filing returns is a sign that you are responsible. Not just that, it makes it easier for individuals and businesses to enter into subsequent transactions since...
A charitable trust enjoys a varying degree of tax benefits in most countries. In India, trusts set up for the social causes and as approved by the Income Tax Department derives not only exemption from payment of tax but also the donors to such trusts can deduct the amount of donation to the trust from...
It has been almost 5 years since GST laws were implemented. Subsequently, on creating robust processes and rules for GST law implementation and encountering a few bumps along the way, the government lately has been distinctly active in GST scrutiny and audit. CBIC’s GST Policy Division issued Notification No. 02/2022- GST on March 22, 2022, about Standard...
Valuation is the most fundamental term in finance but is extremely crucial to understand while deriving the value. Also, several events in recent past have transpired to provide an indication of the public concern on valuation and the impact on shareholders and other stakeholders. Fund Providers, both equity and debt, have been active in asking...
The rise of artificial intelligence (AI) has opened up a host of new possibilities for accountants, including the use of chatbot AI. Chatbot AI (Artificial Intelligence) is a software program that uses Natural Language Processing (NLP) and machine learning algorithms to simulate human conversation. Designed to interact with users through a chat interface, it can...
Over the years, MSME sector has emerged as a highly vibrant and dynamic sector with a significant contribution in the Indian economic and social development, by fostering entrepreneurship and generating large employment opportunities. In most of the Indian MSMEs, payments are often delayed thereby adversely affecting their cash flows. It is often observed that the...
All the Companies in India are required to file eForms with the Registrar of Companies (RoC). Important update here is that recently the MCA has upgraded the portal from Version 2 to Version 3. Some of the vital changes with the same are discussed below: Trademark validation has now been added in Incorporation Form. Every...
For ideal tax administration punctual refund mechanism is crucial, as it clears the way to trade through release of blocked funds. Now, under the GST regime the claim for refund procedure is completely online and scheduled which leaves the erstwhile time consuming and cumbersome procedure far behind. What is GST Refund? Though the term ‘refund’...
Central Board of Direct Taxes (CBDT) has put forward the idea of a new common Income Tax Return (ITR) which will replace all except ITR 7 form and notified an exposure draft of the recommended ITR Form, likely to be applicable from AY 2023-24. This manifesto is aimed at eliminating the process of selecting the...
Known to be a highly cash-dependent economy, India has opened doors to electronic payments and cashless transactions only recently. The switch from Manual Payments to Electronic Payments has been rather quick with more and more businesses as well as consumers preferring to transact through e-payment systems. Manual Payments are those where transactions primarily happen with...
